XML 20 R8.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net earnings $ 2,778 $ 3,357
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Provision for credit losses 300 49
Amortization of investment security premiums, net 99 102
Accretion of purchase accounting adjustments (209) (176)
Amortization of mortgage servicing rights and other intangibles 412 461
Depreciation 320 307
Increase in cash surrender value of bank owned life insurance [1] (245) (218)
Stock-based compensation 156 88
Deferred income taxes 37 532
Net loss on sales of premises and equipment and foreclosed assets 9
Net gains on sales of loans [1] (512) (693)
Proceeds from sales of loans 12,124 19,292
Origination of loans held for sale (13,517) (18,053)
Changes in assets and liabilities:    
Accrued interest and other assets (131) 98
Accrued expenses, taxes, and other liabilities 1,230 (1,697)
Net cash provided by operating activities 2,851 3,449
Cash flows from investing activities:    
Net increase in loans (15,062) (19,767)
Net change in interest-bearing deposits at banks 493
Maturities and prepayments of investment securities 15,595 12,367
Purchases of investment securities (2,660) (6,589)
Redemption of bank stocks 3,553 2,011
Purchase of bank stocks (3,280) (3,417)
Proceeds from sales of premises and equipment and foreclosed assets 491
Purchases of premises and equipment, net (1,307) (221)
Net cash used in investing activities (2,670) (15,123)
Cash flows from financing activities:    
Net decrease in deposits (22,727) (6,626)
Federal Home Loan Bank advance borrowings 204,398 209,670
Federal Home Loan Bank advance repayments (194,012) (180,066)
Proceeds from other borrowings 230
Repayments on other borrowings (562) (333)
Change in repurchase agreements 3,181 (9,319)
Proceeds from exercise of stock options 52
Payment of dividends (1,148) (1,096)
Purchase of treasury stock (174)
Net cash (used in) provided by financing activities (10,814) 12,282
Net (decrease) increase in cash and cash equivalents (10,633) 608
Cash and cash equivalents at beginning of period 27,101 23,156
Cash and cash equivalents at end of period 16,468 23,764
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,055 3,362
Cash paid for operating leases $ 39 $ 42
[1] Not within the scope of ASC 606.